Since the late 1970s the U.S. and other steel-producing countries, global markets for steel production were up against stiff competition for Asian steel producers in countries like China and Russia.
The reason the TMT Steel Bar Market is promising today is the insertion of hi-tech methods of producing Thermo mechanically treated (TMT) steel bars at highly competitive prices. Another reason is the enormous growth in construction on a global basis.
According to the U.S. Census Bureau, the construction industry places the VIP (Value of Construction Put in Place) survey figures at a total of 1,293,614 USD. This includes residential, private, state and local, non-residential and federal construction.
It also includes the cost of labor and materials, overhead costs, cost of engineering work, interest and taxes paid during construction projects, cost of architectural work and contractor’s profits as reported for September 2019. Ref: https://www.census.gov/construction/c30/c30index.html
Steel Round Bar
The global market for steel round bar is reported, by industries most heavily involved in steel round bar use. These include: Defense and aerospace, automobile and heavy engineering industries.
Data breakdown is also based on hot-rolled or cold-rolled round bar types. The importance of acknowledgment of major players in the TMT steel bar market reveals market changes and the impact of these changes as well as production costs, upstream raw material details, marketing volume, and channels.
In terms of TMT steel bar market volume for construction, hot rolled steel round bars are a ductile, strong, durable material used in the construction where design dimensions need not be precise and the finish of the material is of lesser significance.
It is used for bridge construction, oil and gas facility construction and residential, commercial and industrial construction where welded structural beams are required for structural support and safety.
Cold rolled steel round bars can be designed as hexagonal bars, flat bar, round or square cold rolled bars.
Cold rolled steel round bars are used mainly for shafts, sprockets, spindles, rods, and pins in the automotive and heavy equipment industries.
TMT Steel Bar market watch sources report that due to growth in infrastructure projects, the heavy equipment industry is expected to grow from USD 142.3 billion in 2018 to USD 196.4 billion by 2026. Thus, the need for cold-rolled steel will be impacted by this growth.
Advance Grinding Services Inc provides a full compliment of services for the construction industry. One of these services is centerless grinding. This type of grinding involves a machining process of grinding of workpieces into complex shapes.
This is a form of cutting tool engineering where a workpiece or part is loaded between two grinding wheels that rotate at the same speed but in different directions according to computer numerical control (CNC) machining processes.
Centerless grinding is used in the automotive and aerospace industries for crankshafts, pistons, rollers, sleeves, camshafts, control rods and valve spools. Positive growth within these industries ensures the growth of this type of grinding.
Advance Grinding Services Inc also provides this type of grinding to produce parts for medical, fluid and hydraulics and many other industries where round or cylindrical forms and precision accuracy is required.
Precision Ground Bar
When a tight fit for steel bearings, a smooth finish for coating adhesion or rotational applications with elevated straightness is needed, precision ground bar is the solution to performance requirements.
Since these can be made up to 50 feet in length, with a straightness of 0.0015″ TIR/FT, 0.125″ to 12.000″ diameter and surface fineness of 6RA, use in heavy equipment for high speed motor drives, in medical laboratory for lab tools and also for devices that measure weather, this type grinding product is in a constant state of growth as user industries grow.
As the name implies, this is a metal manufacturing process that provides an efficient method of completing fabrication and finish of metal parts that require very tight and very close tolerances.
In metal manufacturing, a spinning wheel composed of abrasive, bonded particles are used to remove parts materials from the specified workpiece. The objective is to use precision grinding that will meet design specifications.
Advance Grinding Services Inc provides precision grinding to a broad range of industries. These include:
- Military construction
- Residential, industrial and commercial construction
- Steel fabrication
- Mechanical engineering design prototypes
A Resilient Global Steel Bar Market
According to a new report by Technavio, a leading global technology research and advisory company, the TMT Steel Bar Market is expected to reach USD 10.30 billion by 2023 and, according to a new report by Technavio, progressing at a compound annual growth rate (CAGR) of nearly 9% during the forecast period 2019-2023.
Related article: How to Buy the Right Steel Bar